A. An applicant may be required by the Development Board or the Director to provide adequate security to guarantee the faithful performance and proper completion of any approved work and compliance with conditions of approval imposed by the review authority. The provisions of this section apply to performance guarantees for any of the approvals required by this code.

B. The required security shall be in a form (e.g., cash bond, certificate of deposit, surety bond, etc.) approved by the Director, upon recommendation of the Village Attorney. The amount of security shall be as determined by the Development Board or the Director to be necessary to ensure proper completion of the work and compliance with conditions of approval.

C. In addition to any improvement security required to guarantee proper completion of work, the Development Board or the Director may require security for maintenance of the work in an amount determined to be sufficient to ensure the proper maintenance and functioning of improvements.

D. Required improvement security shall remain in effect until final inspections have been made and all work has been accepted by the Director or until any warranty period required by the Director has elapsed. Maintenance security shall remain in effect for 12 months after the date of final inspection.

E. Upon satisfactory completion of work and the approval of a final inspection (or after the end of the required time for maintenance security), the improvement and/or maintenance deposits or bonds shall be released.

F. Upon failure to complete the work, failure to comply with all of the terms of any applicable approval, or failure of the completed improvements to function properly, the Village may do the required work, or cause it to be done, and collect from the applicant or surety all the costs incurred by the Village, including the costs of the work and all related administrative and inspection costs.

G. Any unused portion of the security shall be refunded to the funding source after deduction of the cost of the work by the Village.